The Directorate General of Foreign Trade (DGFT), Ministry of Commerce & Industry, has updated the rules for importing gold, silver, and platinum following announcements made in this year’s Union Budget. The new rules are effective from 1 May 2025, and include revised HS codes for precious metals and clarify who can import them. A similar notification has already been issued by the Central Board of Indirect Taxes and Customs (CBIC).
For gold (including gold plated with platinum)—unwrought or in semi-manufactured forms, with 99.5% or higher purity—imports are restricted to:
- Nominated agencies notified by the RBI (for banks) or DGFT (for other agencies),
- Qualified Jewellers (as notified by IFSCA) through the India International Bullion Exchange (IIBX),
- Valid India-UAE TRQ holders (as notified by IFSCA) importing via IIBX, with physical delivery through IFSCA-registered vaults in SEZs.
Additionally, gold dore imports are allowed for licensed refineries under the Actual User (AU) condition.
Silver and platinum imports have also been aligned with purity-specific conditions, with imports either permitted freely or routed through authorised agencies.